Which resets first, CPSA or USEP?

CPSA ends its outcome period on Jul 30, 2027 and USEP on Aug 31, 2027. A new cap is set the day after each.

Which is cheaper, CPSA or USEP?

CPSA charges 0.69% a year and USEP charges 0.79%, so CPSA is cheaper. Fees come from each fund's prospectus.

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CPSA vs USEP: Cap, Buffer & Days Left

As of Oct 22, 2026 USEP can fall 5.3% before its buffer engages and CPSA 1.1%, and CPSA resets 32 days sooner. Net assets: $50m on Oct 22, 2026 for Calamos S&P 500 Structured Alt Protection ETF - August, and $238m on Oct 21, 2026 for Innovator U.S. Equity Ultra Buffer ETF - Sep.

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Answers cite the figures on this page.

CPSA costs 0.10 points a year less; their one-year returns differ by 3.1 points; USEP is 4.8 times larger.

Points (pts) are percentage points.

CPSA vs USEP: Cap, Buffer & Days Left
	CPSA	USEP
Expense ratio	0.69%	0.79%
Net assets, as of Oct 21, 2026	$50m	$238m
Total return, 1 year	+5.6%	+8.7%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	0.8%	4.6%

CPSAFull floor

CPSA: reference +0.8% since period start, fund +1.0%; buffer Floor; cap +7.8%; Full floor. Figures to Oct 22, 2026.

Figures to Oct 22, 2026.

USEPIn the unprotected slice

USEP: reference −0.4% since period start, fund +0.2%; buffer −5 to −35; cap +14.7%; In the unprotected slice. Figures to Oct 22, 2026.

These are two different products. CPSA is a floor fund, which caps how far a holder can fall. USEP is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

USEP has fallen through its protection. The index is 0.4% below where the buffer stops, and that part of the loss is the holder’s.

They do not reset together. CPSA has 281 days of its period left and USEP has 313, so the two are not the same bet on the same months.

Where each one stands today

CPSA resets first, on Jul 30, 2027, 281 days from now; USEP runs to Aug 31, 2027, 313 days. A fall from here reaches CPSA’s buffer after 1.1% and USEP’s after 5.3%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CPSA vs USEP: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSA	USEP	CPSA	USEP
3 months	+1.2%	+1.6%	−2.3 pts	−1.9 pts
6 months	+3.0%	+4.5%	−4.8 pts	−3.4 pts
1 year	+5.6%	+8.7%	−8.8 pts	−5.7 pts
3 years	–	+44.8%	–	−36.9 pts
Since launch Not the same days: CPSA Aug 2024 · USEP Sep 2019	+16.4%	+72.1%	−24.3 pts	−90.7 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. – means no data for this window, usually because the fund is younger than it. Open this comparison in the app →

On the same fields

CPSA

Calamos S&P 500 Structured Alt Protection ETF - August · Absorbs the whole loss on SPY and caps the gain at 7.8%, over a period ending Jul 30, 2027

USEP

Innovator U.S. Equity Ultra Buffer ETF - Sep · Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 14.7%, over a period ending Aug 31, 2027

Issuer Calamos Innovator

Reference index SPY SPY

Buffer 100% 5% to 35%

Outcome period Aug 3, 2026 to Jul 30, 2027 Aug 31, 2026 to Aug 31, 2027

Days left 281 313

Starting cap +7.8% +14.7%

Can still gain not published 14.3%

Fall before buffer 1.1% 5.3%

Protection left, index points 100.0% of 100.0% 30.0% of 30.0%

Index return this period +0.8% −0.4%

Fund return this period +1.0% +0.2%

State today Open Open

Expense ratio 0.69% 0.79%

Net assets, CPSA as of Oct 22, 2026 and USEP as of Oct 21, 2026 $50m $238m

As of Oct 22, 2026. Source: ETFIQ.

About CPSA

The fund's price can fall 1.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.8% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. 281 days remained on Oct 22, 2026. On Jul 30, 2027 the period ends and a new cap is set.

About USEP

From its price on Oct 22, 2026, the fund can gain about 14.3% more before it reaches its cap. The fund's price can fall 5.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 4.6% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level. 313 days remained on Oct 22, 2026. On Aug 31, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSA or USEP?: CPSA ends its outcome period on Jul 30, 2027 and USEP on Aug 31, 2027. A new cap is set the day after each.
Which is cheaper, CPSA or USEP?: CPSA charges 0.69% a year and USEP charges 0.79%, so CPSA is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSA vs DAUG CPSA vs BSEP CPSA vs DJUL CPSA vs PAUG USEP vs PBSE USEP vs CPST USEP vs SEPT USEP vs DDTS

S&P 500 (SPY) →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →CPSA on its own →USEP on its own →How every figure is computed →Standards and sources →

Where these figures came from

CPSA filings on SEC EDGAR ↗Calamos website ↗USEP filings on SEC EDGAR ↗Innovator page for USEP ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every figure from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every figure is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, CPSA against USEP, data as of Oct 22, 2026. https://etfiq.com/compare/buffer/cpsa-vs-usep

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.